Thailand's Economy Plunges into Recession, Shrinking 12.2% in Q2 2020

Economics & Macro

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Dwi Hadya Jayani 19/08/2020 09:02 WIB

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Thailand's economy contracted by -12.2% year-on-year (YoY) in the second quarter of 2020.

Thailand's Economic Growth (Year on Year/YoY)

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Thailand's Economy Plunges into Recession, Shrinking 12.2% in Q2 2020

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Thailand's Economic Growth (Year on Year/YoY)

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Thailand's economic growth contracted by -12.2% year-on-year (yoy) in the second quarter of 2020. This officially marks two consecutive quarters of negative economic growth for Thailand.

Based on expenditure, only government spending showed positive growth, at 1.4% (yoy). Thailand's exports experienced the sharpest contraction among the components, falling by -28.3% (yoy).

Positive growth on the production side was seen in the construction sector (7.4%), and in information and communication services and financial services (1.7% each). The accommodation and food services sector experienced the deepest contraction, at -50.2%.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."